XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Income Tax Provision The income tax provision consists of the following:
(In millions) | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Income before provision for income taxes: | $ | 329.5 |  |  | $ | 367.6 |  |  | $ | 711.7 |
Current provision for income taxes: |  |  |  |  |
Federal | 116.1 |  |  | 97.1 |  |  | 152.7 |
State | 32.9 |  |  | 20.2 |  |  | 28.5 |
| 149.0 |  |  | 117.3 |  |  | 181.2 |
Deferred provision for income taxes: |  |  |  |  |
Federal | (47.9) |  |  | (26.4) |  |  | (10.8) |
State | (22.5) |  |  | (11.6) |  |  | 3.1 |
| (70.4) |  |  | (38.0) |  |  | (7.7) |
Interest and penalties expense: |  |  |  |  |
Interest | 3.0 |  |  | 2.2 |  |  | 2.4 |
Penalties | — |  |  | — |  |  | — |
| 3.0 |  |  | 2.2 |  |  | 2.4 |
Provision for income taxes | $ | 81.6 |  |  | $ | 81.5 |  |  | $ | 175.9 |
Deferred Taxes The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities consist of the following:
(In millions) | As of December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 831.7 |  |  | $ | 741.2 |
Stock-based compensation | 14.3 |  |  | 14.6 |
Deferred state net operating loss | 25.3 |  |  | 13.7 |
Other, net | 15.2 |  |  | 14.1 |
Total deferred tax assets | 886.5 |  |  | 783.6 |
Deferred tax liabilities: |  |  |
Valuation of Loans receivable | 1,195.8 |  |  | 1,158.9 |
Deferred Loan origination costs | 1.8 |  |  | 1.6 |
Other, net | 8.0 |  |  | 12.3 |
Total deferred tax liabilities | 1,205.6 |  |  | 1,172.8 |
Net deferred tax liability | $ | 319.1 |  |  | $ | 389.2 |
The deferred state net operating loss tax asset arising from the operating loss carryforward for state income tax purposes is expected to expire at various times beginning in 2034, if not utilized. We do not anticipate expiration of the net operating loss carryforwards prior to their utilization. Effective Income Tax Rate A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes | 3.1 | % |  | 2.7 | % |  | 3.8 | %
Non-deductible executive compensation expense | 2.1 | % |  | 1.3 | % |  | 0.5 | %
Excess tax benefits from stock-based compensation plans | -1.6 | % |  | -3.0 | % |  | -0.8 | %
Other | 0.2 | % |  | 0.2 | % |  | 0.2 | %
Effective income tax rate | 24.8 | % |  | 22.2 | % |  | 24.7 | %
State and local income taxes For the year ended December 31, 2024, the impact of state and local income taxes on our effective income tax rate increased from 2023, primarily due to an adjustment to an uncertain tax position estimate for state income taxes during the second quarter of 2024 and changes in state tax laws that were enacted during the second quarter of 2024. For the year ended December 31, 2023, the impact of state and local income taxes on our effective income tax rate decreased from 2022 primarily due to the settlement of an uncertain tax position for state income taxes during the second quarter of 2023. Non-deductible executive compensation expense We recognize non-deductible executive compensation expense as an increase of provision for income taxes or a reduction of benefit for income taxes. For the year ended December 31, 2024, the impact of non-deductible executive compensation expense on our effective income tax rate increased from 2023, primarily due to an increase in non-deductible executive compensation expense. Excess tax benefits from stock-based compensation We recognize an excess tax benefit or tax deficiency when the deduction for the stock-based compensation expense of a stock award for tax purposes differs from the cumulative stock-based compensation expense recognized in the financial statements. The excess tax benefit or tax deficiency is recognized in provision for income taxes in the period in which the amount of the deduction is determined, which is when restricted stock vests, restricted stock units are settled in common stock, or stock options are exercised. Excess tax benefits reduce our effective income tax rate, while tax deficiencies increase our effective income tax rate. The decrease in the impact of excess tax benefits on our effective income tax rate for the year ended December 31, 2024 as compared to 2023 was primarily due to a decrease in the number of restricted stock units that were settled in common stock during 2024 due to the timing of long-term stock award grants. Unrecognized Tax Benefits The following table is a summary of changes in gross unrecognized tax benefits:
(In millions) | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits at January 1, | $ | 61.0 |  |  | $ | 57.1 |  |  | $ | 49.4 |
Additions for tax positions of the current year | 20.3 |  |  | 16.2 |  |  | 14.5 |
Additions for tax positions of prior years | 2.8 |  |  | — |  |  | — |
Reductions for tax positions of prior years | (0.2) |  |  | (0.1) |  |  | — |
Settlements | (3.2) |  |  | (3.7) |  |  | — |
Reductions as a result of a lapse of the statute of limitations | (7.7) |  |  | (8.5) |  |  | (6.8) |
Unrecognized tax benefits at December 31, | $ | 73.0 |  |  | $ | 61.0 |  |  | $ | 57.1 |
The total amount of gross unrecognized tax benefits that, if recognized, would favorably affect our effective income tax rate in future periods was $73.0 million as of December 31, 2024. As of December 31, 2024, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months. Accrued interest related to uncertain tax positions was $17.9 million and $15.1 million as of December 31, 2024 and 2023, respectively. We are subject to income tax in federal, state, and local jurisdictions. We are generally no longer subject to tax examinations on federal returns filed for years prior to 2021 and state and local returns filed for years prior to 2018.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration